External/Internal FactorsWal-Mart is an organization that has been extremely successful in achieving its goals of becoming top retail store in the world. Managers for this organization must plan, organize, lead, and control each component of this organization in order to secure its success. There are factors, internal and external, that can impact these four functions within an organization. Management's responsibility is to take these factors into consideration to ensure that business will be successful. These factors are its strengths, weaknesses, opportunities, threats, and trends. These factors are also referred by the acronym (SWOTT).
Wal-Mart's foundation was built on honesty, fairness, respect and integrity. They strive to preserve their foundation by bringing these qualities to the job everyday. Wal-Mart has always been a value-based ethically led company. Sam Walton had three basic beliefs that he believed that would bring the company great success. His three basic beliefs are respect to the individual, service to the customer, and strive for excellence.
These three basic beliefs have made Wal-Mart one of the best companies in the United States.
Wal-Mart is also known for the wide variety of diversity in the company. This company is one of the largest retailers amongst the industry leaders in accomplishing a grounded workforce. Anyone who has ever visited a Wal-Mart store can assure you that as you enter the store you are greeted by a senior citizen or even someone who is physically disabled.
After analyzing the external environment and internal resources, strategic managers have the information they need to put together corporate, business, and functional strategies of the organization. A comparison of strengths, weaknesses, opportunities, and threats normally is referred to as a SWOT analysis. SWOT analysis helps executives go over the major facts and forecasts resulting from the external and internal analyses. From this, executives...